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South Africa decisions
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Firstrand Bank Limited v Keliana Group and Another (5098/2022) [2024] ZAGPJHC 742 (31 July 2024)
The High Court granted FirstRand Bank’s final winding-up application against Keliana Group after finding the company unable to pay its debts.
Ngcongo and Another v Voltex (Pty) Ltd In re: Voltex (Pty) Limited v IEC Contractors CC and Another (9813/2021) [2022] ZAGPJHC 122 (7 March 2022)
The High Court refused rescission of a default liquidation order, finding no proven payment or solvency defence and rejecting a technical service challenge.
Tyre Corporation Cape Town (Pty) Ltd and Others v GT Logistics (Pty) Ltd and Others (Rogers J) [2016] ZAWCHC 124; 2017 (3) SA 74 (WCC) (21 September 2016)
The court found that GT Logistics (Pty) Ltd is commercially and factually insolvent, with unreliable and contradictory financial projections supporting the business rescue application. The proposed business rescue plan unfairly compromises only non-critical creditors, while critical creditors, particularly vehicle financiers, are paid in full. The evidence presented does not establish reasonable grounds for believing that the company can be rescued. The court held that insolvency is not an absolute bar to business rescue, but the plan must be fair and substantiated by credible financial infor…
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J V Attorneys v L P Vermeulen and Another (10924/2015) [2015] ZAWCHC 196 (4 December 2015)
The High Court made final a provisional sequestration order after rejecting the claim that R3.2 million paid to a trust was an asset in the respondent’s estate.
Thaw Trading And Investments 005 CC v Aobakwe Louw Properties (Pty) Ltd, In Re; Thaw Trading And Investments 005 CC v Central Lake Trading 214 (Pty) Ltd (1667/2012) [2014] ZANWHC 4 (23 January 2014)
The court found that Central Lake Trading 214 (Pty) Ltd had raised a defence that was not supported by the facts, as evidence showed it had received payments from the municipality and failed to produce documentation to support its position. However, credible evidence of solvency and economic considerations led the court to exercise its discretion against granting a final liquidation order for Central Lake. In contrast, Aobakwe Louw Properties (Pty) Ltd failed to provide any substantive evidence or documentation to support its defences regarding the Tlokwe contract, and the applicant establish…
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J F Hillebrand (South Africa) (Pty) Ltd v Silver Solutions 1688 t/a Global Commodities (9550/2010) [2010] ZAWCHC 568 (22 November 2010)
The High Court dismissed an application to wind up a close corporation, finding the debt was genuinely disputed, the respondent was solvent, and costs should follow against the applicant.
BRC-Diamondcore Limited v River Corporate Finance (Pty) Ltd and Another, River Corporate Finance (Pty) Ltd v Diamond Core Resources (Pty) Ltd (642/2009) [2009] ZANCHC 32 (17 July 2009)
The court found that BRC-Diamondcore Limited failed to discharge the onus required under section 354(1) of the Companies Act to justify a stay or setting aside of the winding-up order. The agreement with KIG Mining PLC was subject to suspensive conditions, and Diamond Core Resources (Pty) Ltd was not a party to the agreement nor guaranteed to receive the proceeds. BRC did not provide a satisfactory explanation for not opposing the original winding-up order or intervening earlier. The urgency of the applications was not justified, and the interests of creditors were not adequately considered.…
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